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This enquiry into the collapse of the Mirror Group and the misappropriation of pension funds was started in 1992, an Information Memorandum was given to the Secretary of State in 1995, but completion of the report was delayed because of criminal proceedings. Its focus is on the flotation of Mirror Group and it seeks to explain: why Mirror Group Newspapers was floated by Robert Maxwell; what the due diligence procedures did not reveal and why the abuse of pension funds was not discovered earlier; what ought to have been done at flotation but was not; why within seven month the support of bankers was necessary. It apportions responsibility and points to a failure of regulation in three main areas: protection of pensioners; the flotation of new companies on the Stock Exchange; trading in shares in transnational markets.